A Binance executive says JPMorgan’s support for cryptomoney companies has ‚changed perspective
„We are finally recognizing that cryptomonies are just another opportunity in our financial future, rather than seeing it as an unsuitable or unacceptable type of industry,“ says Catherine Coley, CEO of Binance.US.
In an interview with Cointelegraph, Coley responded to news that JPMorgan Chase, the largest bank in the United States, had accepted the Coinbase and Gemini cryptomoney exchanges as clients.
„I take that as a very positive sign. We have seen specialized banks before they were set up to specifically support cryptomonies, because traditional banks were not taking them seriously,“ Coley said.
JPMorgan began working with the Coinbase and Gemini cryptomoney exchanges
This, he said, led to the growth of specific banks that admitted crypto-currencies or cryptomarkets as „specialized businesses“. Some of these gained significant momentum, as with the commercial bank’s focus on cryptomonies, Silvergate, which saw strong growth in the first quarter of this year and went public last fall. Coley said:
„I think it was a strong early signal that
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companies really do have traditional revenue models, they are consistent companies that involve real assets and real customers with real business models.
JPMorgan now views Coinbase’s peers „as just another business,“ Coley said, something he believes is an „extremely positive“ development.
Silvergate Bank is listed on the New York Stock Exchange
Focus on Jamie Dimon
Before the bank’s announcement, JPMorgan’s president and CEO, Jamie Dimon, had established himself as one of the most vocal critics of cryptomonics. They claimed that Bitcoin is little more than a speculative bubble, „worse than tulip bulbs,“ and predicted that their story „will not end well.
„It’s unfortunate for Dimon that it was so public,“ said Coley, but „this is how everyone’s journey with Bitcoin began. You know, disbelief, confusion, education, understanding, acceptance… obsession.
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While there are no clear signs yet that Dimon’s truce with the currency has become an obsession, Coley stressed that the evolution of the bank’s position should not be overlooked. The number of stakeholders that a large support bank like JPMorgan takes into account in its decision-making is „enormous,“ he said:
Look how things have changed! It is interesting to have seen the evolution of their position in real time. This acceptance phase that we are in now will lead to wider adoption, to more overall opportunities; previous skepticism has shifted to seeing us as a trusted company.